New York Takes the Lead in Property Foreclosures
It has been over 10 years since the housing market collapsed in the mid-2000s, and though the market has recovered in many towns and cities across the country, in other areas it continues to struggle as increasing numbers of homes head towards foreclosure. Recent news reports indicate that New York has now taken the lead in property foreclosures, and for the people who own these properties, time and options may be running out. As increasing numbers of foreclosed homes and properties clog our already overburdened market, providing foreclosure defense is one way to enable people to retain their property while benefiting neighborhoods and helping the New York market to stabilize in the process.
New York Foreclosures Continue To Increase
According to a September 2015 24/7 Wall St. article on home foreclosures, New York has now replaced Florida as the state with the largest inventory of foreclosed homes and properties. The article cites market data reports from Black Knight Financial Services showing that while Florida’s foreclosure inventory has dropped by over 40 percent over the past year from 160,000 to 100,000, New York now takes the national lead, with approximately 120,000 foreclosure properties throughout the state. The 24/7 Wall St. articles states that overall, there are over 2.5 million properties nationwide that are 30 days or more past due on their mortgage, and another 817,000 that are 90 days past due, but are not yet in foreclosure.
Preventing Foreclosure Through Bankruptcy and Foreclosure Defense
The news report on New York foreclosure rates comes less than six months after the New York State Department of Financial Services issued its May 2015 Report on New York’s Foreclosure Process. New York State has the fourth longest timeline for foreclosure in the country, which means that properties can end up lingering in the process of being foreclosed upon for as long as 934 days. At close to three years, this is a year longer than the national average. Many homeowners facing foreclosure give up and leave their homes long before the process is finalized, resulting in an increase in abandoned properties that often fall into disrepair and lower overall neighborhood values. While long foreclosure processes are generally undesirable, they can allow extra time for homeowners to discover ways of saving their homes.
Foreclosure Attorneys have been highly successful in using mortgage loan modification to prevent our clients’ homes from being foreclosed upon. Even in cases that were previously denied by the bank, our attorney may be able to fight and hammer away until the bank eventually grants the modification, enabling clients to save their homes while making mortgage payments they can afford. In other cases, we may be able to help you avoid foreclosure by filing consumer bankruptcy.